Ethereum (ETH) 'whales' are back in action, but this time not to sell the cryptocurrency as they have at certain points during the year. Instead, on-chain data shows that ETH is being significantly accumulated, alongside increasing interest from retail investors.
Retail investors and 'big players' are buying ETH
On November 29, the net flow of large investors reached 28,680 ETH, but today this number has risen to 80,130 ETH. Net flow measures the difference between the amount of coins accumulated and the amount sold by whales.
Positive net flow indicates that whales are buying more than they are selling, which is usually a bullish signal. Conversely, negative net flow suggests that selling activity is increasing, often leading to a downward trend.
Latest data reveals that Ethereum whales have accumulated about 51,450 ETH – worth approximately 188 million USD – in just two days. If this buying trend continues, ETH prices could surpass $3,700.
Net flow of ETH whales | Source: IntoTheBlock
Alongside the whales, data from CryptoQuant shows that the Coinbase Premium Index is rising. This index measures the difference between the ETH/USD price on Coinbase and on Binance.
When this index is negative, it often indicates selling pressure, particularly from American investors. Conversely, a positive index suggests increasing buying pressure – a trend currently being recorded with ETH.
If American investors continue to accumulate, this high demand could push ETH prices even higher.
Coinbase Premium Index for ETH | Source: CryptoQuant